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COMMODITIES: Moderate Pullback in WTI Futures Still Considered Corrective

COMMODITIES

A bull cycle in WTI futures remains in play and the latest pullback appears to be a correction. The recent breach of $80.11, the May 29 high and a key resistance, strengthened a bullish theme. Note too that $82.24, 76.4% of the Apr 12 - Jun 4 bear leg, has been cleared. Furthermore, moving average studies are in a bull-mode set-up. Sights are on $85.27, the Apr 12 high and a bull trigger. Initial firm support to watch is $79.63, the 50-day EMA. Gold traded higher last week and the yellow metal has pierced resistance at $2387.8, the Jun 7 high. This undermines a recent bearish theme and a clear break would be a bullish development and open the key resistance at $2450.1, the May 20 high. Initial support to watch lies at the 50-day EMA, at 2326.3. A clear break of this average would instead confirm a resumption of the reversal from May 20 and expose $2277.4, May 3 low.

  • WTI Crude down $0.54 or -0.66% at $81.76
  • Natural Gas up $0 or +0.08% at $2.368
  • Gold spot up $3.54 or +0.15% at $2362.9
  • Copper up $0.75 or +0.16% at $462.65
  • Silver up $0.28 or +0.91% at $31.0357
  • Platinum up $0.62 or +0.06% at $1004.44
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